Domestic spot gold with a purity of 24 carats opened at Rs 51,419 per 10 grams.Gold Price In India: Gold and silver futures traded higher on Thursday, February 24, as investors sought shelter in safe-haven assets amid the Ukraine crisis.
On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 2.41 per cent up at Rs 51,595, compared to the previous close of Rs 50,379.
Silver futures, due for a March 4 delivery, were last seen 2.40 per cent higher at Rs 66,132 against the previous close of Rs 64,585.Domestic spot gold with a purity of 24 carats opened at Rs 51,419 per 10 grams on Thursday, and silver at Rs 66,501 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).Foreign Exchange Rates:Globally, gold prices jumped over 1.50 per cent to their highest in more than a year, with investors flocking to safe havens as Russian forces invaded Ukraine after President Vladimir Putin authorised a "special military operation".Spot gold climbed 1.7 per cent to $1,939.97 per ounce, after hitting its best level since January 2021 at $1,948.77.
United States gold futures rose 1.8 per cent to $1,943.90.Bullion is considered a hedge against inflation and geopolitical risks.
Higher yields and interest rate hikes dent the appeal of bullion by raising the opportunity cost of holding non-interest paying gold.Gold has risen about 8 per cent in February so far as the Russia-Ukraine crisis walloped risk appetite.Analyst View:Ravindra Rao, CMT, EPAT, VP - Head Commodity Research at Kotak Securities: "Gold has moved up on safe-haven buying as Russia-Ukraine tensions intensified.
ETF inflows also showed buying interest in the yellow metal.
Gold may remain volatile as market players respond to development relating to Russia.
Unless there are serious efforts to resolve the issue, safe-haven buying may keep prices supported."